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- German Economist: War hit to economy will last years
German Economist: War hit to economy will last years
The economic impact on Germany of Russia's invasion of Ukraine will last years, influential economist Marcel Fratzscher of the German Institute for Economic Research told Reuters, adding that it could cost 3 percentage points of growth this year. It’s worth noting that the institute advises the government of Europe's largest economy on macroeconomic policy.
Key quotes
The war in Ukraine has done massive damage to the German economy.
Perhaps only 1.5% would remain of the 4.5% economic growth he had expected at the start of the year.
Unions aren't as strong as they were in the 1970s.
This year's forecast wage growth of 4.5% was well short of inflation at some 8%.
Even in coming years I see no sign of us falling into a wage spiral.
EUR/USD remains pressured
The news exerts additional downside pressure on EUR/USD prices, down 0.22% around 0.9950.
Also read: EUR/USD bears attack 0.9950 ahead of US Durable Goods Orders, Jackson Hole
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